picture33Challenge

  • The client operates a very decentralized global organization with limited visibility into local operations.
  • Over 60 source systems worldwide were managed independently.
  • Limited controls in place to manage close procedures and workflows.
  • Lack of a global chart of accounts (COA) and uniform processes for providing consolidated financials to senior management resulted in time-intensive manual processes to close the books, provide consolidated results, and to produce reporting packages.
  • Currency and forecast analytics were all managed offline, requiring significant labor hours
  • The new solution needed to reduce consolidation, close, and reporting timelines by shifting resource allocation to value-added activities instead of gathering data, compiling reports, and performing manual tasks.

Solution

  • Global implementation – creating one uniform consolidation process
  • picture34Rationalized and rebuilt the Chart of Accounts and utilized Custom dimensionality to provide greater visibility into Business Unit, Channel, Platform, and Function information
  • Facilitated seamless US GAAP to IFRS reporting
  • Automated Currency/Hybrid Forecast analytics, including rolling forecast (70+ Scenarios)
  • Implemented Financial Data Management (FDMEE) to uniformly load source files from multiple locations and provide drill back capability
  • Leveraged Hyperion Reports to produce consolidated financial reporting packages, while allowing Smart View end user access for ad-hoc analysis

Benefits

  • Significantly reduced manual effort and time spent closing the books
  • Provided more granularity for alternate management reporting, allowing for detailed global views of the business
  • Reduced time spent gathering/reconciling data, and increase analytic activities
  • Increased level of analytics, specifically around currency analysis
  • Enhanced internal controls and enabled transparency around close processes

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